In June of 2014 the world watched in shock as an Islamic militant group operating under the name of the Islamic State of Iraq and Syria (or ISIS), took control of Mosul, Baiji and Tikrit and began pushing south to Baghdad. Fallujah has been under their control since January.

[Note they are also known as the Islamic State of Iraq and the Levant or ISIL]

Iraqi military and police put up very little resistance in spite of the fact that they greatly outnumbered the militants. Most fled their posts and left their uniforms and weapons behind, those who didn’t were killed.

ISIS, whose stated goal is to erase the border between Syria and Iraq, to establish an Islamic Caliphate encompassing both countries, and to impose sharia law, already holds vast swaths of territory, and they are rapidly gaining ground.

The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. Wall Street turned back the clock to 1929. But how did it all go so wrong? Lack of government regulation; easy lending in the US housing market meant anyone could qualify for a home loan with no government regulations in place. Also, London was competing with New York as the banking capital of the world. Gordon Brown, the British finance minister at the time, introduced ‘light touch regulation’ – giving bankers a free hand in the marketplace. All this, and with key players making the wrong financial decisions, saw the world’s biggest financial collapse.